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Commerzbank Expects OPEC to Agree to Slight Production Adjustments

OIL

The OPEC+ meeting may have been delayed by African nations disagreements with production quotas for next year but Saudi Arabia appears willing to still shoulder supply cuts according to Commerzbank.

  • The bank still expects Saudi to continue its voluntary cuts in the first quarter next year, especially due to the price slide after the meeting postponement this week showed significant losses would otherwise be on the cards.
  • Commerzbank analysts remain uncertain over the group’s ability to agree additional cuts which could help reduce the risk of global oversupply next year.
  • It highlighted the risk that further cuts would leave the group with little option were demand to deteriorate further.
  • Commerzbank believes OPEC+ will agree to slight adjustments to production quotas that have delayed next week’s meeting.
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